Stand By And Watch. It's Okay.

Probably some time a little over a decade ago I took the train from New York City up to Fairfield, CT where I went to school to watch Howard Marks give a talk. He was just starting to become famous, or at least famous to me, so I was really pumped.

I called all my friends from college and told them to meet me for this because he's the man and it's going to be awesome!

Crickets.

Only one friend showed up, and probably because we were getting drinks afterwards at our old favorite bar, (the Sea Grape, if you're familiar).

Something Howard Marks once said that has stuck with me is this:

To be a disciplined investor you have to be willing to stand by and watch other people make money on things that you passed on."

This lesson has served me very well. I promise.

And it's not easy either. We're human. We're not robots. We have these emotions that are perfectly natural. In fact, not having them would be abnormal.

It's how you react (or not react) to those emotions that separates the winners from the losers.

You see it every day. Pay attention and you'll start to notice.